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Estate Planning for the Sunset of TCJA Estate and Gift Tax Exemptions

Recording of a 90-minute CLE/CPE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
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Conducted on Thursday, November 21, 2024

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide trusts and estates attorneys and advisers with critical planning considerations in light of the sunset of estate and gift tax exemptions under the Tax Cuts and Jobs Act of 2017 (TCJA). The panel will discuss the impact of the TCJA, planning for gift and estate tax exemption changes, estate planning strategies to consider, and other key issues.

Description

Under current tax law, in 2024, individuals can leave their heirs and other non-spousal beneficiaries up to $13.61 million at death, minus any prior gifts made during life, without federal estate tax liability. However, the current federal estate and gift tax exemption is scheduled to expire on Dec. 31, 2025, unless it's extended through new legislation. Counsel must carefully consider planning strategies and estate plan modifications in light of the potential sunset of the current gift and estate tax exemptions.

Trusts and estates counsel must revisit clients' estate plans to ensure the implementation of strategies to achieve their goals. Clients can accomplish this by a variety of methods, such as giving annually, making substantial, one-time gifts to utilize the current estate/gift tax exemption prior to 2026, using the unlimited marital deduction, charitable bequests, and other options. The goal is to reduce the value of the estate to minimize or avoid estate taxes. Generally, lifetime gifts are more tax efficient than transfers at death.

Many estate planning strategies for high net worth clients seek further tax savings by reducing the amount of the gift for tax purposes. The use of "net, net gift," GRATs, IDGTs, or other tools may produce substantial estate tax savings.

Listen as our panel discusses key considerations if the current federal lifetime gift tax exemptions expire, estate planning strategies to consider, and other key issues.

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Outline

  1. Estate tax considerations for planners
  2. Impact of a potential sunset of estate tax exemptions
    1. Planning for those without available exemptions
    2. Gift vs. estate tax effective rates
    3. Net, net gifts
    4. GRATs and IDGTs
  3. State law considerations
  4. Planning tips and best practices for trusts and estates counsel

Benefits

The panel will review these and other key issues:

  • What are the key planning considerations in light of a potential sunset of current estate tax exemptions?
  • What gifting strategies are available to limit or minimize gift and estate taxes?
  • How can net, net gifts be used as a planning tool?
  • What are the challenges of using GRATs and IDGTs?

Faculty

Lota, Jennifer
Jennifer M. Lota
Partner
Cole Schotz

Ms. Lota is a member in the firm’s Tax, Trusts & Estates Department and focuses her practice in the...  |  Read More

Wolff, Kirsten
Kirsten Wolff
Partner
Sideman Bancroft

Ms. Wolff represents individual clients in the areas of estate planning, estate and trust administration, estate and...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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